Best Buy 2015 Annual Report Download - page 5

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4
At the same time, we divested our underperforming European and Chinese
businesses, freeing up cash and bringing focus to our efforts to rejuvenate
the core business.
This improved financial performance and our increased cash position has
allowed us to implement a special, one-time dividend of $0.51 a share,
increase our regular quarterly dividend by 21% and resume our share
repurchase program with the intent to buy back $1 billion worth of shares
over the next three years. We are pleased to return this capital to our
shareholders and intend for it to reflect our commitment to you.
5. While we were transforming Best Buy, we remained committed to our role
in positively impacting the world and the communities in which we work and
live. From our leading electronics recycling program (more than one billion
pounds recycled to date) to our Teen Tech Centers (eight launched around
the country to serve underprivileged teens who might not otherwise view
technology as a viable career), our partnership with St. Jude Children’s
Research Hospital (nearly $10 million raised this last holiday season) and
our carbon-reduction program (20% reduction from a 2009 baseline), Best
Buy has remained a leader in corporate social responsibility and
sustainable development.
These successes are, of course, the fruit of the hard work and talent of the
more than 125,000 men and women who work at Best Buy. We have a very
talented and dedicated set of leaders and employees. It is an honor to lead this
group of amazing individuals and a privilege to work with each and every one
of them.
***
Altogether, we feel that we are at an exciting turning point in our journey. We
are moving from a turnaround phase where we were focused on solving two
problems – negative comps and declining margins – to a transformation phase
focused on two imperatives: driving profitable growth and continuing to
improve our margins, while funding our investments in our future.
As we look ahead, we aspire to build our position as the leading provider of
technology products, services and solutions, as measured by our customers,
our employees, our investors and the communities in which we operate. We
are excited by our mission to “Ignite Human Potential” as we strive to attract
and develop great talent and unleash their potential. In addition, we strive to
do more than sell products, instead, we aim to help our customers achieve
new possibilities with the help of technology. In summary, our goal is to build
an exciting, successful Best Buy, focused on delivering growth for all our
stakeholders.